gssbsecretariat@globalreporting.org

Item 01– Draft summary of the GSSB
meeting held on 16 February 2023
For GSSB approval
Date

16 February 2023

Meeting28 March 2023

Description

This document presents the summary of the GSSB virtual meeting held on 16February 2023.

This document has been prepared by the GRI Standards Division and is made available to observers
at meetings of the Global Sustainability Standards Board (GSSB). It does not represent an official
position of the GSSB. Board positions are set out in the GRI Sustainability Reporting Standards. TheGSSB is the independent standard setting body of GRI. For more information visit
www.globalreporting.org.

© GRI 2023

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Contents
Participants.............................................................................................................................................. 3
List of abbreviations ................................................................................................................................ 3
Decisions and action items ..................................................................................................................... 4
Session 1: Welcome ............................................................................................................................... 4
Session 2: Update Standards Division .................................................................................................... 4
Session 3: Approval final project proposal GRI Topic Standard Project for Climate Change ................ 5
Session 4: Approval final project proposal Sector Standard Project for Financial Services ................... 6
Session 5: Close of public meeting ......................................................................................................... 7

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Participants

3Present:

456NameConstituency

Judy Kuszewski

Chair

Robyn Leeson (joined at 13.15)

Vice-ChairPeter Colley

Labor

Giulia Genuardi

Business enterprise

Evan Harvey

Investment institution

Joseph Martin (joined at 13.20)

Business enterprise

Corli le RouxMediating institution

Gangaa Charan SharmaBusiness enterpriseJennifer Princing

Business enterprise

Kim Schumacher (joined at 13.15)

Civil society organization

Kenton Swift

Civil society organization

Michel Washer

Business enterprise

Apologies:
Name

Constituency

Loredana CartaLabor

Vincent Kong

Business enterprise

Anna Nefedova

Mediating institution

In attendance from GRI:
NamePosition

Bastian Buck

Chief of Standards

Claire Dugan

Sr. Manager Standards

Margherita Barbieri

Manager Standards

Gillian Balaban

Sr. Coordinator Governance Relations

List of abbreviations
Abbreviation

Full name

GRI

Global Reporting Initiative

GSSB

Global Sustainability Standards Board

SDStandards Division

WG

Working group

TC

Technical committee

PCP

Public comment period

AG

Advisory group

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Decisions and action items

8

The GSSB resolved to approve the following:
GSSB Decision

Item number

2023.03

01 – Draft summary of the GSSB meeting held on 24 January 2023

2023.04

02 – Topic Standard Project for Labor – Proposed Advisory membership2023.05

03 – GRI Topic Standard Project for Climate Change – Final project proposal

2023.06

04 – GRI Sector Standard Project for Financial Services – Project proposal

9Session 1: Welcome

10

The Global Sustainability Standards Board (GSSB) Chair Judy Kuszewski (henceforth the Chair)

11

welcomed the GSSB. The Chair presented an overview of the meeting agenda. A quorum was

12established, and the above items were presented to the GSSB for approval.

13

Session 2: Update Standards Division

14

Chief of Standards, Bastian Buck, provided the following update:

Points to consider

ActionWork Program is out for public consultation ending on 17 February.
Stakeholders are responding. Request GSSB to provide comments. Allfeedback will be discussed in the in-person March meeting.

SD / GSSB

Biodiversity PCP will close on 28 February. Stakeholders have theopportunity to access the draft and provide feedback. Request GSSB toprovide comments.

Biodiversity team –Elodie Chene / GSSBLabor project TC meetings are ongoing, with the fourth due in April. The
first public exposure is planned for Q1 2024. Some nomenclature is still
under discussion, but the standard's drafting is advancing. For GSSBapproval, is the additional TC member representing the Africa region.

Labor project team –Izzy Ensor / GSSBTopic projects – work continues in the background in terms of scoping forthe review of the economic standards – to be discussed further in theMarch/April meetings. It is a broad field with a different approach andscope from the labor revisions.

SD

15
16

The GSSB raised no questions.

17

The GSSB approved the following item:

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GSSB Decision

Item number2023.04

02 – Topic Standard Project for Labor – Proposed Advisory membership

20

Session 3: Approval final project
proposal GRI Topic Standard Project
for Climate Change

21

Margherita Barbieri, Manager Standards, presented the following points for consideration:

18
19

Points to consider

ActionThe final project proposal has not changed following consultation with
GRI Board and Stakeholder Council

Climate project team –Margherita Barbieri

The project aims to revise Climate-related standards to incorporate
new issues, such as the transition plan, emissions targets, emissions
offsetting, and just transition.

Climate project team –Margherita Barbieri

The project is working to align and collaborate with numerous climatechange related initiatives, instruments, standards, and benchmarks.

Climate project team –Margherita Barbieri

The project is expected to start in February 2023, TC nominations will
be presented for approval in April 2023, and an exposure draft isplanned ultimately for H1 2024.

Climate project team –Margherita Barbieri

GSSB Members Anna Nefedova and Michel Washer will serve as
sponsors of the project.

GSSB Members – Anna
Nefedova and MichelWasher

2223

The GSSB raised the following questions:GSSB question/concern

SD response

Action

Are net zero initiatives in scope forthe project?

GRI will rely on the mostauthoritative references in the field,in this case IPCC. No further
specific answer as this will beaddressed during content
development and a more detailed
scope will be defined.
GRI standards are built upon themost authoritative references in thefield, like IPCC. No answer for themoment as this will be addressed
during content development.

Climate project
team –
Margherita Barbieri

Are you looking at scenarios such as
SBTI or ACT, or are you relying onIPCC pathway/scenario modeling?

Climate project
team –Margherita Barbieri

24

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The GSSB approves the following item:GSSB Decision

Item number

2023.05

03 – GRI Topic Standard Project for Climate Change – Final project proposal

28

Session 4: Approval final project
proposal Sector Standard Project for
Financial Services

29

Claire Dugan, Senior Manager Standards, presented the following points for consideration:

26
27

Points to consider

ActionDraft project proposal - no feedback was received from theStakeholder Council and GRI Board.

N/AStakeholder consultations produced feedback that resulted in changes
to the project proposal.

Financial services team
– Claire Dugan

A single portfolio project will develop three Sector Standards –banking, insurance, and capital markets.

Financial services team
– Claire Dugan

A summary of the three Sector Standard scopes was presented forclarification.

Financial services team
– Claire Dugan

A summary of changes to the project proposal was presented.
Reclassifying sectors based on which services are to be included orexcluded is focused on where the greatest impacts reside.

Financial services team
– Claire Dugan

The technical committee structure will incorporate one committee persector. They will collaborate through a cross-sector exchange that isessential to address common impacts

Financial services team
– Claire Dugan

Engaging with stakeholders to find TC members to fill gaps in theinsurance TC and, more generally, members from the Asian region.

Financial services team
– Claire Dugan

SD to recruit 2 or 3 colleagues to grow the project team.

SD, HR teamThe extended project timeline reflects the complexity of a single
portfolio project to develop three Sector Standards.

Financial services team
– Claire Dugan

30313233

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The GSSB raised the following questions:

GSSB question/concern

SD response

ActionStock exchanges play an enablingrole in capital markets. How do you
foresee their role in the financial
market in reporting on their own
impacts?

Previous engagement with thesustainable stock exchange agreed
with the scoping change. The TC will
have stock exchange representation
as exchanges can influence whatcompanies will have to report on.

Research, Sector
team

Stock exchanges could be addressed
as a revision of this standard or as aseparate project.
Is it planned to have a longer-termview that real estate investment
trusts have more in common withproperty and construction?

Yes, the research team undertook todeal with real estate investment in a
separate property and construction
project.

Research team,Sector team

Is it anticipated that draft standards
will be submitted as a single package
or separately?

For efficiency, the plan is to developthese in parallel rather than one at atime.

Financialservices team –Claire Dugan

35
36

The GSSB approves the following item:GSSB Decision

Item number2023.06

04 – GRI Sector Standard Project for Financial Services – Project proposal

37

Session 5: Close of public meeting

38

The next GSSB meeting an in-person and scheduled for 28-29 March in Amsterdam. No other39

business was raised, and the Chair closed the public meeting at 13.56 Central European Time (CET).

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